Australija cilja na kripto bankomate
Australia is taking a major step in the fight against money laundering through cryptocurrencies. The government plans to expand the powers of the country’s financial crime watchdog, AUSTRAC, allowing it to restrict or even ban the use of crypto ATMs, which it has labeled as high-risk products.
Home Affairs Minister Tony Burke on Thursday introduced a proposal that would empower AUSTRAC to curb “high-risk products” — including crypto ATMs. “Not every crypto ATM user is committing a crime, but the share of illegal transactions is worrying and difficult to trace,” Burke said. “I want AUSTRAC to have the authority to restrict or, if necessary, ban high-risk products. And there’s no doubt that crypto ATMs belong to that category,” he added.
Number of crypto ATMs in Australia is surging
Australia is experiencing a boom in crypto ATMs. Just six years ago, there were only 23 machines; today, according to News.com.au, the number has reached about 2,000. This makes Australia the third most densely covered country in the world when it comes to crypto ATMs. These machines enable users to exchange cash for cryptocurrencies almost instantly and with minimal identification, making financial flows harder to track.
AUSTRAC has warned that crypto ATMs are increasingly linked to money laundering, fraud, drug trafficking, and even child exploitation. The proposed law would give AUSTRAC’s CEO more tools to mitigate risks associated with such high-risk products. “Crypto transactions have become an integral part of money-laundering methods, and crypto ATMs pose an even greater threat because they can turn cash into digital currency that can be sent instantly and almost anonymously around the world,” said AUSTRAC CEO Brendan Thomas.
Stricter regulations spread globally
Australia is not alone in tightening its stance. New Zealand announced in July that it plans a total ban on crypto ATMs as part of its anti-money-laundering measures. In the United States, Illinois Governor JB Pritzker signed a law in August requiring operators of crypto kiosks and ATMs to register with state regulators and provide 24/7 customer support.
Impact on users and the market
The planned changes in Australia could significantly affect both everyday users and companies operating these machines. Stricter AML rules may lead to tougher identity verification, limits on cash transactions, or even a complete ban on operations.
Sources:
https://www.beehive.govt.nz/release/targeting-criminals-not-kiwi-businesses